LG Display Co, Ltd (NYSE: LPL) has launched its NFT platform LG Art Lab which will enable users to buy, sell, and display digital artwork right from their living rooms.
The news comes just after Samsung Electronics (LON:0593xq) Co, Ltd's (OTC: SSNLF) stride into the NFT space with the release of an NFT marketplace for its smart TVs. However, in a press conference roughly eight months ago, LG announced its plans to bring NFTs to TVs.
The platform will start rolling out today to all TV sets running webOS 5.0 or later in the US and will be directly accessible from the TV's home screen. According to LG, the platform is a “convenient, one-stop solution” for NFTs.
LG intends to support the platform with plenty of offers and features. One such offering is LG Art Lab Drops, which profiles artists and previews upcoming artwork in “drops.” These will also have a real-time Live Drops countdown, allowing users to grab a fresh drop as soon as it's available.
“While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started,” said the head of platform business at LG Electronics, Chris Jo. “LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves.”
The Korea-based company has partnered with Hedera, which according to its website, is the “most used, sustainable, enterprise public ledger for the decentralized economy.”
Unlike other popular NFT protocols like Ethereum (CRYPTO: ETH) or Solana (CRYPTO: SOL), Hedera doesn’t work on a blockchain. It uses an alternative called hashgraph and claims to be faster and more efficient than a blockchain protocol.
The partnership doesn’t come as a surprise since LG is one of the governing members of the Hedera Network, along with Google (NASDAQ:GOOGL), Deutsche Telekom (ETR:DTEGn) and IBM (NYSE:IBM)
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.